Expert: low oil prices have little impact on Iran’s economy

Great interest in investing in the country shown by major players like Russia and China, and in the coming years, Iran expects growth rates of economic development, said the head of the Arab center for the study of Iran Mohammad Saleh Sadkin.

TEHRAN, 27 Jan. The budget of Iran is not currently highly dependent on oil revenues, so the country’s economy cope with a period of low hydrocarbon prices, said in an interview with Sputnik, the head of the Arab center for the study of Iran Mohammad Saleh Sadkin.

Iran 16 January got rid of the majority imposed on the country sanctions after confirmation of readiness of authorities to implement the program significant reduction of its nuclear potential. Now market participants expect that the Iranian side will be able in the next few weeks to increase oil exports by 500 thousand barrels a day. It was reported about the beginning of deliveries in Egypt, Japan and China, signing the agreement with Greece.

“The budget of Iran in the past year relied on oil by 35%. In the next Iranian year that begins 21 March, the government has proposed to reduce this indicator to 22%, and the Parliament, to my knowledge, wants the percentage was even lower – 18%. So the Iranian economy from oil revenues are highly dependent,” said Sahakian.

He added that a large interest in investing in the country shown by major players like Russia and China, and in the coming years, Iran expects growth rates of economic development.

The expert also commented on the crisis in relations between Iran and Saudi Arabia, noting that a successful mediator in the resolution of the issue could be the Sultanate of Oman, having experience of mediation in the negotiations on the Iranian nuclear dossier and the Yemeni crisis.

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